Models in macroeconomics



Download 0,56 Mb.
Pdf ko'rish
bet8/23
Sana30.06.2022
Hajmi0,56 Mb.
#719144
1   ...   4   5   6   7   8   9   10   11   ...   23
Bog'liq
models

Charts 5a
and 
5b
plot a Phillips curve relationship in blue, alongside a stylised 
description of monetary policy in red. The Phillips curve is a simple positive relationship between inflation 
and slack. When output increases relative to its potential (that is, a positive output gap opens), this causes 
above-target inflation. Conversely, a negative gap causes below-target inflation. 
Chart 5a 
– Stylised representation of Phillips 
curve and monetary policy with cost-push 
shocks 
Chart 5b 
– Stylised representation of Phillips 
curve and monetary policy with policy shocks 
Source: McLeay and Tenreyro (2018). 
Source: McLeay and Tenreyro (2018). 
But good monetary policy should seek to eliminate any such gaps and simultaneously stabilise inflation.
The exception is when cost-push shocks create a trade-off between stabilising inflation and the output gap. 
In the face of large or persistent shocks that create a trade-off between these two goals, the MPC is required 
by our remit to strike a balance between the two 
– for example to reduce output below potential in the face of 
above-target inflation. The red line plots an example preferred trade-off, which will depend on the slope of 
the Phillips curve and the policymaker’s preferences. 
Any time we see data on inflation and the output gap, we will be at the intersection of the red and blue lines. 
This means that we cannot interpret the observed data we see as the Phillips curve. If there are large
22
I elaborate on this identification problem in a recent paper, McLeay and Tenreyro (2018).


All speeches are available online at www.bankofengland.co.uk/speeches 
11 
11 
cost-push shocks, such as changes in energy prices, then the Phillips curve will move around, as shown in 
the dashed blue lines in 

Download 0,56 Mb.

Do'stlaringiz bilan baham:
1   ...   4   5   6   7   8   9   10   11   ...   23




Ma'lumotlar bazasi mualliflik huquqi bilan himoyalangan ©hozir.org 2024
ma'muriyatiga murojaat qiling

kiriting | ro'yxatdan o'tish
    Bosh sahifa
юртда тантана
Боғда битган
Бугун юртда
Эшитганлар жилманглар
Эшитмадим деманглар
битган бодомлар
Yangiariq tumani
qitish marakazi
Raqamli texnologiyalar
ilishida muhokamadan
tasdiqqa tavsiya
tavsiya etilgan
iqtisodiyot kafedrasi
steiermarkischen landesregierung
asarlaringizni yuboring
o'zingizning asarlaringizni
Iltimos faqat
faqat o'zingizning
steierm rkischen
landesregierung fachabteilung
rkischen landesregierung
hamshira loyihasi
loyihasi mavsum
faolyatining oqibatlari
asosiy adabiyotlar
fakulteti ahborot
ahborot havfsizligi
havfsizligi kafedrasi
fanidan bo’yicha
fakulteti iqtisodiyot
boshqaruv fakulteti
chiqarishda boshqaruv
ishlab chiqarishda
iqtisodiyot fakultet
multiservis tarmoqlari
fanidan asosiy
Uzbek fanidan
mavzulari potok
asosidagi multiservis
'aliyyil a'ziym
billahil 'aliyyil
illaa billahil
quvvata illaa
falah' deganida
Kompyuter savodxonligi
bo’yicha mustaqil
'alal falah'
Hayya 'alal
'alas soloh
Hayya 'alas
mavsum boyicha


yuklab olish